Absolutely right, negotiated peace in some fashion is common even then. But either side
might be able to follow through and entirely subjugate the other, or at least dismantle their state. That’s not on the table with very-unequal combatants. The
only plausible outcome (barring expansion of the war into something more like a world war, anyway) of the Vietnam war that was a victory for north Vietnam was “the US gives up and leaves”. That’s the only way a US loss was
ever gonna look—there weren’t (realistically) other ways to lose.
[edit] my point simply being that yes, that’s a loss, and in fact it was the only real way a loss could have looked, so if that’s not a “real” loss then I guess we “couldn’t lose” that war, which is plainly a strange way of looking at it.